GWX vs. HSCZ

Last updated Jun 4, 2026

GWX (SPDR S&P International Small Cap ETF) and HSCZ (iShares Currency Hedged MSCI EAFE Small Cap ETF) are both Foreign Small & Mid Cap Equities funds - GWX tracks the S&P Developed Ex-U.S. Under USD2 Billion Index while HSCZ tracks the MSCI EAFE Small-Cap 100% Hedged to USD Index. Both are passively managed. Over the past 10 years, GWX returned 7.57%/yr vs 11.62%/yr for HSCZ. A 0.77 correlation means they provide meaningful diversification when combined. GWX charges 0.40%/yr vs 0.43%/yr for HSCZ.

Performance

GWX vs. HSCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR S&P International Small Cap ETF (GWX) and iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GWX achieves a 11.79% return, which is significantly higher than HSCZ's 10.57% return. Over the past 10 years, GWX has underperformed HSCZ with an annualized return of 7.57%, while HSCZ has yielded a comparatively higher 11.62% annualized return.

GWX

• 1D: -1.21%
• 1M: 0.57%
• YTD: 11.79%
• 6M: 14.68%
• 1Y: 30.65%
• 3Y*: 17.00%
• 5Y*: 5.61%
• 10Y*: 7.57%

HSCZ

• 1D: -0.17%
• 1M: 4.13%
• YTD: 10.57%
• 6M: 13.25%
• 1Y: 28.62%
• 3Y*: 18.68%
• 5Y*: 10.97%
• 10Y*: 11.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

GWX vs. HSCZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GWX SPDR S&P International Small Cap ETF	11.79%	35.89%	0.21%	10.94%	-19.98%	9.66%	13.41%	18.18%	-18.97%	28.88%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	10.57%	25.74%	12.89%	17.03%	-11.46%	17.75%	6.40%	27.89%	-13.99%	24.52%

Correlation

The correlation between GWX and HSCZ is 0.79, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.79
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.84
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jul 15, 2015	0.77

The correlation between GWX and HSCZ has been stable across timeframes, ranging from 0.77 to 0.84 - a consistent structural relationship.

GWX vs. HSCZ - Sectors Allocation Comparison

Sectors	GWX	HSCZ
Industrials	22.0%	23.3%
Technology	15.1%	9.8%
Basic Materials	14.5%	13.7%
Consumer Cyclical	11.2%	8.1%
Healthcare	8.5%	3.3%
Financial Services	7.8%	16.0%
Real Estate	7.2%	9.6%
Consumer Defensive	4.7%	2.9%
Energy	4.7%	4.1%
Communication Services	2.9%	3.5%
Utilities	1.3%	3.5%

Return for Risk

GWX vs. HSCZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GWX

GWX Risk / Return Rank: 56
GWX Sharpe Ratio Rank: 58
GWX Sortino Ratio Rank: 58
GWX Omega Ratio Rank: 57
GWX Calmar Ratio Rank: 52
GWX Martin Ratio Rank: 57

HSCZ

HSCZ Risk / Return Rank: 73
HSCZ Sharpe Ratio Rank: 78
HSCZ Sortino Ratio Rank: 80
HSCZ Omega Ratio Rank: 80
HSCZ Calmar Ratio Rank: 60
HSCZ Martin Ratio Rank: 69

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

GWX vs. HSCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR S&P International Small Cap ETF (GWX) and iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	GWX	HSCZ	Difference
Sharpe ratio: Return per unit of total volatility	1.98	2.57	-0.58
Sortino ratio: Return per unit of downside risk	2.75	3.63	-0.89
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.13
Calmar ratio: Return relative to maximum drawdown	2.58	2.99	-0.41
Martin ratio: Return relative to average drawdown	10.03	12.84	-2.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GWX vs. HSCZ - Sharpe Ratio Comparison

The current GWX Sharpe Ratio is 1.98, which is comparable to the HSCZ Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of GWX and HSCZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GWX	HSCZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.98	2.57	-0.58
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.34	0.82	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	0.74	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.67	-0.43

Drawdowns

GWX vs. HSCZ - Drawdown Comparison

The maximum GWX drawdown since its inception was -63.25%, which is greater than HSCZ's maximum drawdown of -34.89%. Use the drawdown chart below to compare losses from any high point for GWX and HSCZ.

Drawdown Indicators

	GWX	HSCZ	Difference
Max Drawdown Largest peak-to-trough decline	-63.25%	-34.89%	-28.36%
Max Drawdown (1Y) Largest decline over 1 year	-11.91%	-9.61%	-2.30%
Max Drawdown (3Y) Largest decline over 3 years	-14.73%	-12.81%	-1.92%
Max Drawdown (5Y) Largest decline over 5 years	-34.58%	-20.11%	-14.47%
Max Drawdown (10Y) Largest decline over 10 years	-45.27%	-34.89%	-10.38%
Current Drawdown Current decline from peak	-2.86%	-0.98%	-1.88%
Average Drawdown Average peak-to-trough decline	-14.74%	-4.65%	-10.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.06%	2.23%	+0.83%

Volatility

GWX vs. HSCZ - Volatility Comparison

SPDR S&P International Small Cap ETF (GWX) has a higher volatility of 5.21% compared to iShares Currency Hedged MSCI EAFE Small Cap ETF (HSCZ) at 3.44%. This indicates that GWX's price experiences larger fluctuations and is considered to be riskier than HSCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GWX	HSCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.21%	3.44%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	12.82%	9.20%	+3.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.52%	11.21%	+4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.74%	13.46%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.36%	15.66%	+1.70%

GWX vs. HSCZ - Expense Ratio Comparison

GWX has a 0.40% expense ratio, which is lower than HSCZ's 0.43% expense ratio.

Dividends

GWX vs. HSCZ - Dividend Comparison

GWX's dividend yield for the trailing twelve months is around 2.54%, less than HSCZ's 2.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GWX SPDR S&P International Small Cap ETF	2.54%	2.83%	2.71%	2.64%	2.71%	2.75%	1.74%	3.41%	2.94%	5.18%	4.21%	2.67%
HSCZ iShares Currency Hedged MSCI EAFE Small Cap ETF	2.94%	3.25%	3.26%	2.98%	26.91%	2.90%	1.46%	4.66%	6.15%	2.52%	2.57%	1.75%

Frequently Asked Questions

Can I hold both GWX and HSCZ in my portfolio?

GWX and HSCZ have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GWX or HSCZ?

GWX has higher volatility (5.21%) compared to HSCZ (3.44%). In terms of maximum drawdown, GWX dropped -63.25% vs HSCZ's -34.89%.

Which ETF is better, GWX or HSCZ?

On 10-year performance, HSCZ leads with 11.62% vs 7.57% for GWX. On fees, GWX is cheaper at 0.40% per year. On volatility, HSCZ has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GWX or HSCZ?

Over the 10-year period, HSCZ has performed better with a 11.62% return vs 7.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GWX or HSCZ?

GWX is cheaper with a 0.40% expense ratio, compared with 0.43% for HSCZ.

Which ETF pays a higher dividend yield, GWX or HSCZ?

HSCZ has the higher dividend yield at 2.94%, compared with 2.54% for GWX.

What is the main difference between GWX and HSCZ?

GWX tracks S&P Developed Ex-U.S. Under USD2 Billion Index, while HSCZ tracks MSCI EAFE Small-Cap 100% Hedged to USD Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for GWX and 0.43% for HSCZ.

Which has better risk-adjusted returns?

HSCZ currently has the higher Sharpe Ratio (2.57 vs 1.98), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.